Heavy Oil Investing News » Saudi Arabia recommends oil price between $60-$75

Saudi Arabia recommends oil price between $60-$75

March 16, 2009 @ 5:21 am In Heavy Oil Market News

Saudi Arabia announced that it is willing to keep oil output below its OPEC quota level of about 8 million barrels a day unless consumers want more.

Saudi oil minister, Ali al-Naimi, said:

When customers demand heavy oil which gives us less revenue and we offer them light crude, they say they don't want it, so it stays in the ground.

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